We study the role of communication in repeated games with private monitoring. In such games, players receive only noisy private signals about each other's actions. For a fixed discount factor, we identify conditions under which there are equilibria with "cheap talk" that result in nearly...

We study the role of communication in repeated games with private monitoring. We first show that without communication, the set of Nash equilibrium payoffs in such games is a subset of the set of ε-coarse correlated equilibrium payoffs (ε-CCE) of the underlying one-shot game. The value of ε...